Two days before an impending deadline, the U.S. Department of Energy accomplished two loan guarantees recently from the same financial stimulus program, which supported Solyndra LLC.
The warranties for solar power plants in Arizona and Nevada will sustain over $1 billion in economics, placing them among the biggest deals that the department has closed since Solyndra went bankrupt earlier this month. Records declared since then show several administration bureaucrats felt rushed throughout the review of loan guarantee of Solyndra’s $ 535 million in the year2009, putting pressure on the department, as these latest deals ends.
Seven other renewable energy projects for a total of $ 5.3 billion are still waiting for loan guarantees must be completed before Friday, when the stimulus funds expire. The department will not say exactly how much money he has left behind these projects, but has less than 25% of the remaining funds and may not be enough to close all offers. Last week, some agreements were canceled due to lack of time. After some days, the division can still composes loan guarantees, however it will have less money to do so.
Both projects accepted on Wednesday are amenities that generate energy, which are measured less risky than industrialized firms like Solyndra and have long-standing contracts instead of selling electricity.
A guarantee of $737 million loan will help to finance a power plant of 110 megawatts near Tonopah, Nevada, which used technology which is never before used on a commercial scale. A series of mirrors to concentrate sunlight on a stream of super-hot liquid which can be kept warm in insulated tanks for weeks, which providing heat for steam generators, even after sunset.